UK investigates Muslim charity over links to 'banned' preacher



LONDON // An investigation was launched yesterday into the activities of a Muslim charity in Britain that invited a controversial Indian preacher to address its conference. The investigation by the government's charities watchdog is the latest twist in a story that began to unfold last week when Theresa May, Britain's home secretary, decided to bar Dr Zakir Naik from entering Britain for a lecture tour.

Dr Naik, who has millions of followers worldwide through his Mumbai-based, free-to-air satellite channel Peace TV, was subsequently banned from entering Canada for a conference there. Civil rights groups in the UK have launched a campaign to get Mrs May to revoke her exclusion order - made on the grounds of Dr Naik's "unacceptable behaviour" - because of its implications for freedom of speech, while lawyers for the preacher were yesterday attempting to mount a legal challenge to the ban.

His supporters say that Dr Naik's most controversial remark that "every Muslim should be a terrorist" has been taken out of context and that, anyway, it was made before he was granted a five-year visitors' visa to the UK in 2008. The unexpected twist came with the confirmation yesterday from the Charity Commission that it was looking into the charitable status of the Birmingham-based Islamic Dawah Centre International (IDCI), which had invited Dr Naik to a conference, which has since been cancelled.

Commissioners decided to begin the investigation after the Sunday Mercury newspaper in Birmingham reported that the centre was selling books including works by Sayyid Qutb, a fundamentalist Egyptian imam who is said to have inspired Osama bin Laden to establish al Qa'eda. Other titles in the IDCI collection were said to include Dr Naik's Islam and Terrorism, and Towards Understanding Islam by Sayyid Abul Ala Mawdudi, a founder of the Islamist Jamaat-e-Islami party in Pakistan. Roger Godsiff, a Birmingham MP, said: "If this registered charity has invited this man to speak, and if there is also concern about them selling this sort of literature, then the Charity Commission is duty-bound to investigate."

However, a spokesman for the IDCI insisted: "We don't stock extremist material. All of our books have been cleared by the authorities. The copy of Milestones by Sayyid Qutb is not the one that has been banned, it is the original text which is perfectly peaceful. "We distribute publications to promote peace and understanding through Islam, and that is one of the aims of Dr Zakir Naik. The government had no grounds for excluding him, and an appeal is going through the High Court at the moment."

A spokesman for the Charity Commission said: "Concerns have been raised with the Charity Commission regarding the Islamic Dawah Centre International. We are currently assessing these concerns in order to establish what, if any, regulatory role the commission might have." Meanwhile, lawyers representing Dr Naik were attempting to obtain a judicial review of Mrs May's decision to exclude the preacher even though a Home Office spokesman said that there was no legal right of appeal to such a decision.

Majeed Memon described the move by the UK government as "barbaric and inhuman" and said that it flew in the face of natural justice because of the five-year visitors' visa granted to Dr Naik two years ago. Dr Naik visited the UK and gave several lectures then, none of them leading to any perceived threats to national security, public order or the safety of citizens - the reasons under which Mrs May has a right to exclude people from the UK.

The Islamic Research Foundation, the Mumbai-based organisation of which Dr Naik is president, announced on Saturday that it was instructing lawyers in London to try and overturn the ban. @Email:dsapsted@thenational.ae

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist

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Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.

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Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
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June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket

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